Unlimited 2% Back with Amex Plum Card

American Express released the Plum Card quietly a few months ago. They are touting this as a business credit card, but if you tend to spend a lot on purchases each month, you may consider this card.

The Plum Card pays a full 2% back on all purchases each month. Here is how it works:

• You must spend at least $5000 per month
• You must pay the balance in full within the first 10 days of the statement closing

If you spend less than $5000 per month you will receive only 1% back and if you make a payment after the 10 days you receive no cash back.

This card does have a Defer Payment option where if you pay only 10% of your balance due, you have up till the next month to make the full payment without interest or penalties. Obviously by using the Defer Payment option, you are forfeiting any cash back.

The Plum Card does come with an annual fee of $185. This is waived for the first year. This isn’t a big deal if you are spending at least $5000 / month as that will give you a cash rebate of $1200. The card also comes with the standard Amex features such as car rental insurance, return protection, etc. (See more here)

This by far seems to be the best cash back card that I have seen, but you have to be a big spender for it really to work for you. Otherwise you, like me, must resort to a hybrid of different cash back cards to maximize your cash back percentage. If anyone out there has this card, I would be curious to hear any feedback about it.

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